The Government, through a Board of Trustees, may establish a compensation plan in accordance with section 457 of the United States Internal Revenue Code of 1954, as amended, for the benefit of employees to defer a portion of their compensation to a future period of time. Participation in the plan shall be totally voluntary and by written agreement between the employee and the government. An employee may authorize deductions to be made from the employee’s wages for the purpose of participation in the plan.